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Malaysian fintech firm IOUpay introduced at present that it has collaborated with government-owned Financial institution Simpanan Nasional (BSN) to supply myIOU’s Purchase Now, Pay Later (BNPL) providers to BSN’s 6.6 million cardmembers.
In line with a press launch, by means of this collaboration, BSN cardmembers can now cut up their instalment funds for as much as six months through the myIOU cellular app at a 0% fee with collaborating retailers reminiscent of SOGO, Senheng, Petsmore, Lazo Diamond, and extra.
Whereas this service is one thing that anybody can entry on myIOU with out having a BSN card, cardholders will obtain additional perks.
This consists of an RM10 welcome voucher when registering with the myIOU app.
In line with the discharge, the primary 5,000 registered BSN cardmembers who bind their bank card will obtain extra RM10 vouchers.
BSN cardmembers who spend a minimal of RM500 with myIOU may also stand an opportunity to win BSN Sijil Simpanan Premium (BSN SSP), which is value RM100. On high of this, the winners may also be entitled to take part within the BSN SSP attracts to doubtlessly win draw prizes.
Gwen Khor, the top of promoting at IOUpay, instructed Vulcan Submit that current myIOU customers who’re additionally BSN customers may also get to get pleasure from perks of those advertising actions.
Win-win advertising initiative
Within the launch, Gwen stated that this collaboration will allow each BSN IOUpay to raised serve their clients.
That is by “providing a better technique to spend on what you need, whenever you need, with out breaking the financial institution while prudently managing one’s funds”.
Mujibburrahman Abd Rashid, Chief Enterprise Officer of BSN additionally stated that BSN is wanting ahead to increasing its card choices by means of this partnership.
This collaboration is a results of the 2 entities’ advertising collaboration settlement signed final month.
In line with an article by Stockhead, the audience for this collaboration is high-credit high quality financial institution clients.
“Specifically, the group of BSN’s clients which have been pre-qualified by IOUpay will likely be focused with direct advertising promotions designed to generate new clients and repeat transactions for the myIOU BNPL service,” said the article, which was revealed in collaboration with IOUpay, a Stockhead advertiser on the time of publishing.
The article additionally shared that BSN will promote myIOU to its workers members through inner communications and its personal BSN Workers Portal.
In the meantime, BSN will doubtless profit from elevated curiosity in its card choices due to promotional initiatives from IOUpay through its app, web site, and service provider community throughout Malaysia.
“BSN is Malaysia’s first and longest-running financial institution that has hundreds of thousands of shoppers and a whole bunch of branches nationwide,” Gwen stated to Vulcan Submit. “We consider that the partnership with BSN won’t solely be benefitting myIOU with a bigger shopper base, but additionally granting the BNPL service to BSN’s clients.”
A supply of credibility
This partnership comes throughout a time when BNPL rules are nonetheless but to be carried out in Malaysia, although they’re actually underway, as we’ve reported.
Given this context, collaborating with a government-owned financial institution wouldn’t solely be a major milestone for IOUpay, but additionally a relationship for it to leverage BSN’s credibility within the altering BNPL panorama in Malaysia.
Gwen shared that in her private opinion, she doesn’t assume the rules will restrict myIOU’s exisiting providers. Slightly, they’ll function a algorithm that the corporate must adjust to.
“We’ve all the time inspired our customers to spend smarter with myIOU BNPL and therefore I consider the stated regulation will higher improve our advocacy too,” she stated.
“This collaboration represents one other main step within the execution of IOUpay’s strategic progress plans to collaborate with banks and non-bank monetary establishments. We’re wanting ahead to extra collaboration with BSN, in addition to different comparable companions.” Gwen added.
- Be taught extra about IOUpay right here.
- Learn different articles we’ve written about BNPL providers right here.
Featured Picture Credit score: Financial institution Simpanan Nasional / myIOU
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